General Motors has solidified its long-discussed plans to develop residential housing on the East Riverfront. The company announced that Hines will be given six acres of land just east of the Renaissance Center in exchange for a cut of future profits. The plan calls for 600 units of luxury high-rise condominiums.
Excerpt:
Even as Detroit loses population, the city's center is attracting a core of young, educated and affluent residents to new housing, according to a market study released earlier this year by Katherine Beebe & Associates.
The downtown core, roughly bordered by the Detroit River, the Lodge and Interstates 75 and 375, grew to 6,259 residents in 2005 from 6,141 residents in 2000.
While relatively small, the gain is seen as vital to a city that has lost more than 50,000 residents since 2000.
"We are convinced even though it's a tough time for our resident real estate market, there's still a lot of pent-up demand for people to live in the city of Detroit," [DRFC co-chair Matthew] Cullen said. "There is no better real estate in the region."
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